Blackstone, one of the leading global private equity and investment firm, is set to amass a huge profit from its Joint Venture in Bangalore.
Blackstone has, joining hands with Bangalore– centered real estate firm Embassy Property Developments, planned to develop a luxury-oriented residential project. The Blackstone- Embassy group will jointly develop 467 housing units; each unit priced between Rs.3 to Rs. 10 Cr, in the project.
Blackstone expects to gain around Rs.210 Cr from their JV. This is their first big investment in Indian real estate market. In 2011 the global private equity major invested in Embassy Lakeside Terraces which is an ultra-luxury villa project. From their investment in the project, Blackstone is expected to gain around Rs.210 Cr which represents around 28% of the absolute profit. Continue reading